Laserfiche WebLink
Homebu er, in addition to the fair market value of Qualified Capital Improvements is consistent <br />with the requirements of Section 13(f) hereof. <br />(h) Determination of Sales PHee; Appraisal. <br />(i) Sale of the Property. In the evert of a proposed sale of the <br />Property by Home a er that does not conform to Section 4 herein, and not less than thirty (30) <br />days after Agency receives actual notice f the opening of escrow in connection therewith, the <br />Agency may elect to appoint a certified, independent appraiser to conduct an appraisal of the <br />Property, at Homebu er's expense, to assist Agency in determining if the Sales Price is at or near <br />the fair market value of the Property at such titre, if the Sales Price is determined the <br />appraisal to be three percent % or more below the Fair market value of the Property as <br />estimated its said appraisal, then the `Sales Price" for purposes of determining the Contingent <br />gent <br />Equity Participation Amount shall be the fait- market value of the Property established in said <br />appraisal. <br />(H) Refinancing/Failure to Occupy/Default. In the event of <br />refinancing, failure to occupy the Propetly in accordance with Section 10 hereof, or default or <br />breach of any provision of the Lan Agreement which causes the Contingent Equity <br />Participation Amount to ecome immediately due and payable, the "Sales Price" for purposes of <br />determining the Contingent Equity Participation Amount shall be eter mi ed by an appraisal of <br />the Property. Agency shall appoint a certified independent t appraiser to conduct are appraisal of <br />the Property, at Hoineb yer's expense. Homebuyer agrees that in such event the Contingent <br />Equity Participation Amount shall be the 'variable Applicable Factor multiplied by the difference <br />between the Purchase Price and "Sales Price "' as established by the appraised value of the <br />Property at the time of such refinancing, failure to occupy, or default of Agreement. <br />count. <br />(i) Hox ebuyer's Acknowledgment of Contingent Equity Participation <br />HOMEBU ER ACKNOWLEDGES AND AGREES THAT <br />UPON SALE, TRANSFER OR RE' FINAi CING OF THE <br />PROPERTY THAT DOES NOT COMPLY WITH SECTION <br />4 HEREIN, AND/OR UPON ANY OTHER EVENT OF <br />ACCELERATION AS SET FORTH IN SEC'T'ION h <br />HEREOF, HOMEDI 'ER SMALL PAY To AGENCY IN <br />ADDITION TO THE AGENCY LOAN AMOUNT, <br />CONTINGENT EQUITY PARTICIPATION AMOUNT <br />EQUAL TO A PERCENTAGE SHARE OF THE <br />APPRECIATION of THE PROPERTY AS CALCULATE D <br />PURSUANT TO THIS SECTION 13, <br />HOME BUYER'S INITIALS: <br />14, Compliance with Laws; Governing Law. I or ebuyer hereby agrees to comply <br />with all applicable ordinances, rules, and regulations of Agency. Nothing herein is intended to <br />be, nor shall it be deemed to be, a waiver of any City ordinance, rule, or regulation, This <br />EXHIBIT D -1 3 TO ATTACHMENT NO. 11 <br />Affordable Housing Resale Restriction <br />D l 1400673 v 13/200272-0001 <br />